TIMES ONLINE: RBS to reward staff in spite of losses
The troubled Royal Bank of Scotland, rescued with £20 billion of public money, is planning large bonuses for thousands of its City traders and senior bankers, The Times has learnt.
The proposed payments are expected to reach tens of millions of pounds — possibly hundreds of millions — with some star bankers in line for six-figure payouts.
UK Financial Investments (UKFI), the Treasury-run body that holds the Government’s RBS stake, is understood to have given its blessing in principle to limited payments, although it has yet to see the details. “There’s no blanket objection to bonuses, but they are subjecting them to intense scrutiny,” said one well-placed source. “The [bonus] numbers will be very large and very difficult for the general public to understand.” >>> Patrick Hosking, Banking and Finance Editor, and Philip Webster, Political Editor | Thursday, February 5, 2009
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